Gas price rollercoaster: Why they’re trending down, but it won’t last long
COLORADO SPRINGS, Colo. (KRDO) -- Gas prices in Colorado have seen an average of a $0.10 decrease since last week which is significant, but prices are still hovering around historic highs.
Chief Petroleum in Colorado Springs confirmed the drop in prices is due to the reopening of the Suncor Refinery last week. However, AAA said it's only due in part to Suncor.
"There's going to be some relief in sight. Partly from Suncor but mostly because the price of crude oil is trading at its lowest price in quite a while, but that's bad news. Crude oil is trading very low right because of fears of economic collapse related to the news out of the banking industry this week," Skyler McKinley with AAA said.
Despite the drop, when put in context, prices are still far above the state average.
"If we go all the way back to 2015, gas prices in Colorado Springs on this day were $2.16. The following year 2017 they were a $1.93. 2018 they were $2.45, 2019 $2.49. Generally, that mid-2 dollar mark is what we're paying in March in Colorado Springs," said McKinley.
McKinley said that most of the Suncor benefit will be seen next month, but then prices will rise again in May during the summer driving season.
